How can the increase in import duty on edible oil benefit farmers in India
Understanding the impact of import duty change on the agricultural sector.
Increasing import duty on edible oil can benefit farmers in India in the following ways:
- Higher import duty reduces the competitiveness of imported edible oil in the domestic market, thereby increasing demand for locally produced oil.
- This increased demand can lead to higher prices for domestically produced edible oil, providing better returns to Indian farmers.
- Farmers can benefit from the higher prices by selling their produce at a premium, resulting in increased income and improved standard of living.
- The increase in demand can also boost production and encourage farmers to invest more in cultivating edible oil crops, leading to overall growth in the agricultural sector.
- Domestic production of edible oil can also help in reducing dependence on imports, promoting self-sufficiency and boosting the economy.
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7 months ago